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13-278MR ASIC accepts enforceable undertaking from Wangarrata auditor
ASIC has accepted an enforceable undertaking (EU) from Wangarrata-based auditor, Mr Anthony Hyndman, which permanently prevents him from practising as an auditor.
On 10 October 2013, in accordance with the EU, Mr Hyndman requested that ASIC cancel his registration as an auditor. Mr Hyndman has agreed to never re-apply for registration or perform any duties or functions of an auditor.
ASIC’s investigation focused on Mr Hyndman’s audits for the 2011-12 financial year of three unlisted public companies operating in Victoria. The three companies were Hargraves Secured Investments Limited, Webster Dolilta Finance Limited and Win Securities Limited.
As a result of the investigation, ASIC formed the view that Mr Hyndman did not conduct the audits of the companies in accordance with the Australian Auditing Standards.
ASIC Commissioner John Price said: 'Auditors play an important role in maintaining and promoting confidence and integrity in Australia’s capital markets.
‘Those who do not adhere to the professional standards will be removed from the industry’.
ASIC is not seeking that the 2011-12 financial year accounts for these companies be restated.